Past year: ▼ 67%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Aug 2012regulatory community update● Neutral
BPMIGAS confirmed this week that Triangle Pase Inc should keep operating the Pase PSC until a definitive operator is selected. No renewal has been granted; Triangle is working with the governments to be chosen as operator.
15 Aug 2012debt financing● NeutralMajor
Triangle redeemed 1,881,019 of its Tranche 1 convertible notes for US$2.0M, a 15% annual return to Standard Chartered, leaving 1,619,762 notes. Standard Chartered also gets 27m options at A$0.01 for 2 years, subject to FIRB approval.
5 July 2012security holder rights change● Neutral
16,666,667 unlisted options exercisable at $0.03 expired on 30 June 2012. Administrative notice with no cash or share impact stated.
28 June 2012director officer appointment● Neutral
Standard Chartered nominee director Alastair Morrison resigned from the board. CFO Darren Bromley (CFO since April 2010) replaces Rae Clark as Company Secretary.
30 May 2012joint venture update▲ GoodMajor
Triangle registered Aceh Global Energy Pte Ltd in Singapore, owned 80% by Triangle and 20% by Aceh-government-owned PT Investa Aceh, as the vehicle to seek the new Pase PSC. This follows the April Investa Aceh agreement; the PSC is not yet awarded.
27 Apr 2012material agreement● NeutralMajor
Triangle signed an exclusive memorandum of agreement with PT Investa Aceh, owned by the Aceh government, on future management and operation of the Pase area. Investa Aceh will seek a new PSC from the central government, changing the route from Triangle's own renewal.
14 Mar 2012half year report● Neutral
Half-year report to 31 December 2011: production 463.35 MMcf, with A-1 and A-2 reperforation failing to restore flow. 2012 work budget approved, with spending approval following PSC renewal. Sierakowski resigned; Morrison and Godfrey were appointed. Financial figures were not visible in the text.
20 Feb 2012regulatory community update▼ BadMajor
With the Pase PSC due to expire, regulator BPMIGAS told Triangle on 17 February 2012 to keep operating the block for six more months while a decision is made. The 20-year renewal sought since 2010 is not granted; a working agreement is being finalised.
12 Dec 2011director officer appointment● Neutral
Alastair Morrison, global head of Standard Chartered Private Equity, joined the board on 7 December 2011, with Peter Godfrey as his alternate. This follows the convertible note deal. Neither holds shares.
8 Dec 2011debt financing▲ GoodMajor
Standard Chartered Private Equity agreed to subscribe up to US$10m of convertible notes: US$3.5m now, US$6.5m later subject to shareholder, FIRB and PSC renewal conditions. Notes convert at A$0.03, pay 8%, mature in 3 years. Full conversion would give about 18.3%.
24 Nov 2011investor presentation● Neutral
AGM presentation repeats the Pase story and AGM resolutions, including approval to issue up to 270m shares. It says Triangle is conducting due diligence on ExxonMobil's planned sale of Aceh assets (NSO, Block B, 30% of Arun LNG plant). Exploration upside is also highlighted.
25 Oct 2011annual report● Neutral
Full 2010/11 annual report. Production was 1,977 MMcf from A-1, A-5 and A-6; the work-over rig phase finished August 2011 with clean-up under way. Exploration is to start once the Pase PSC renewal is granted. Repeats the earlier summary of the year.
5 Oct 2011director officer appointment● Neutral
Non-executive director Adam Sierakowski resigned, citing new opportunities in resources. He joined the board in October 2009 and helped with the Triangle Energy Limited acquisition. His final notice shows 7,106,945 shares directly and 7,577,500 via Trident Capital.
3 Oct 2011annual report● Neutral
2011 annual report: FY production 1,977 MMcf versus 2,038 MMcf the prior year. Rig operations finished in August and clean-up continues; PSC renewal still pending. Lemmey is listed as executive director.
28 Sept 2011investor presentation● Neutral
September 2011 corporate presentation restates the Pase story and lists reserve estimates: BPMIGAS 79 Bcf remaining, ExxonMobil 2003 estimate 119 Bcf. A CEO, Duncan Nuttall, is shown in management. No new announcements in the visible text.
28 Sept 2011admin correction● Neutral
Re-release of the September corporate presentation, with a Competent Person's statement (Joseph Oravetz) added to slide 2. No other change stated.
14 Sept 2011regulatory community update● NeutralMajor
Two Aceh district governments gave letters of support for the Pase PSC renewal, which expires February 2012; a presentation to the Aceh Parliament is set for 19 September. A-1 is back on production but shows formation damage, and A-2 has gas in the wellbore but needs reperforating.
26 Aug 2011drilling progress report● Neutral
A-1 surface facilities are reinstated and flow back has begun to remove completion fluids. A-2 clearing preparations continue.
8 Aug 2011drilling progress report● Neutral
The work-over rig was released on 8 August after finishing operations. A-2 still needs lost circulation material cleared using rigless operations, so its test result remains outstanding.
2 Aug 2011drilling result● NeutralMajor
A-1 blockage at 6,600 feet was removed and the well cleared to 8,550 feet, opening an additional 1,900 feet of reservoir (earlier plan said 442 feet). A-2 could not be tested because lost circulation material is blocking the reservoir; clearing is planned.
14 July 2011drilling progress report▲ Good
A-2 work-over drilling completed 13 July, with new 4½-inch tubing run and pressure tested and a production tree installed ahead of flow testing. The rig is moving to A-1.
8 July 2011drilling progress report● Neutral
A-2 reached total depth of 9,230 feet with all cement plugs cleaned out; the new completion will be run next.
7 July 2011drilling progress report● Neutral
Two cement plugs drilled out of A-2 to 9,025 feet, with two plugs remaining. Progress update only.
30 June 2011drilling progress report● Neutral
Rig had drilled out A-2's cement plugs to 7,403 feet by 30 June; new chrome tubing follows once total depth is reached. No new result.
23 June 2011drilling spud▲ GoodMajor
Work-over operations began at Pase A-2 on 22 June 2011, starting with drilling out cement plugs. A-2 was a 1984 Mobil appraisal well never produced; tests flowed a maximum 23.9 MMcf/d. This starts the program flagged since December 2010.
6 June 2011drilling scheduled▲ Good
Work-over rig #88 has arrived at Pase and its substructure is up at A-2, with work-over expected to start in the third week of June. A-1 follows, to clear the blockage and open an additional 442 feet of reservoir.
16 Mar 2011half year report● Neutral
Half-year to 31 Dec 2010 shows net profit of $1.84m and gas production of 1,301.6 MMcf, with monthly output falling from 297 MMcf in September to 121 MMcf in December. Work-over costs were funded from production revenue; PSC renewal talks continue on Medco's Block A terms.
24 Feb 2011capital raising announcement● Neutral
Formal terms of the 5.5c share purchase plan: record date 22 February, closes 17 March and shares quoted 24 March 2011. Applications may be scaled back if the $3.6m cap is exceeded. Repeats the earlier announcement.
24 Feb 2011other● Neutral
Sample application form for the share purchase plan, with offers from $2,000 to $15,000 at $0.055 per share. Administrative, with no new information.
24 Feb 2011drilling scheduled▲ Good
Work-over program now set to start in April 2011, A-2 first and then A-1. Directors expect the value to be realised in the second half of 2011. The document says Pase has produced 183 BCF to date against 498 BCF gas in place estimated by ExxonMobil in 2003.
